When applying for a credit card, is it advisable to close credit card accounts that haven’t been used for a number of years and were paid off? Specifically one that has not been used for 12 years? It still has a high credit card limit. Would this affect my credit score or approval?

Answer: Closing old accounts could affect your credit score, but in a negative way. Part of the credit score calculation is the average age of your accounts. By removing an old account you are reducing the average account age and thus potentially damaging your credit score.

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